Senator Warren Demands Action Against Crypto-Funded Terrorism Following Hamas Attacks
In a move paralleling heightened crypto regulatory urgency in the country, Senator Elizabeth Warren led a bipartisan group of 102 lawmakers in sending a letter to U.S. security officials on Tuesday.
Simultaneously, the Department of the Treasury announced today new sanctions against entities and individuals linked to Hamas, including a Gaza-based business accused of acting as a bitcoin conduit for terrorists.
Warren's letter urges a proactive stance against terrorism funded by cryptocurrency, following recent attacks by Hamas in Israel that have left more than 1,200 Israelis dead. The letter was addressed to National Security Advisor Jake Sullivan and Brian Nelson, undersecretary for terrorism and financial intelligence at the Department of the Treasury.
The congressional letter questioned the effectiveness of current measures to deter the use of digital assets for financing terrorism. The lawmakers, including key members of both the Senate and the House of Representatives, specifically referenced Hamas's solicitation of bitcoin donations in the lead-up to its attacks on Israel.
Hamas announced in April 2023 that it would cease accepting Bitcoin donations due to the transparency of the blockchain network, however, revealing that most of their donations have been carried out through traditional banking systems.
“Given the clear and present danger posed by the financing of these and other militant organizations, we ask the Administration to provide additional details on its plan to prevent the use of crypto for the financing of terrorism,” the letter read.
Despite the urgent tone of the letter, efforts to regulate crypto funding for terrorist activities had been relatively dormant. Senator Warren has been a strong advocate for
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